RBI clean note policy Details

RBI clean note policy 2016 bankers adda banking awareness pdf download.Reserve bank of India from time to time pass several reforms in the banking sector in India and currently it has directed the bank to exchange the mutilated notes towards the bad notes which is known as RBI Clean note policy. RBI is the guardian of Indian banking system and it posses the guidelines from time to time for the banks to work in the interest of general public. Reserve bank of India has issued clean note policy in 2001 and according to it all the bad not which was in circulation had to be replaced by the good notes by all the public sector bank. It had also directed the bank to open the branches at some selected location on Sunday to allow general public to exchange notes which are bad notes in lieu of the good notes. Here are some of the details which candidates will need to know for the clean note policy and this will help them in getting good marks in the upcoming examination. Candidates should know a few details which has been mentioned below.

RBI Clean note policy details 2016

RBI has directed the banks to replace all soiled and mutilated notes from good note and any person can exchange these notes from any counter in the banks

RBI to ensure removal of soiled note has installed currency verification and processing system, in banks. This machine identifies the soiled notes and it removes them and classifies them as bad notes. All such notes are replaced by good notes.

The machine has capacity of countering and verifying 50000-60000 notes in one hour.

It is to be noted that the watermark on these notes is a major security and genuine concern and if the watermark is damaged or broken the machine classifies them as bad notes

All the customer of the banks can exchange all such notes with god notes in these banks.

RBI had also directed the banks to replace the bad notes of those persons who are not the customers of the bank.

Several complaints started getting registered about some currency chest branches in the rural and semi urban areas that they do not accept lower denomination notes.

After this, RBI took an action by keeping specific monthly targets for distribution of coins to these currency chests